NMBA 022: BUSINESS LAWS

UNIT 1
The Indian Contract Act, 1872
Definition of a Contract and its essentials, Formation of a valid Contract - Offer and Acceptance, Consideration,
Capacity to Contract, Free consent, Legality of object, Discharge of a Contract by performance, Impossibility
and Frustration, Breach, Damages for breach of a contract, Quasi contracts. Special Contracts Contract of
Indemnity and Guarantee, Contract of Bailment and Pledge, Contract of Agency.

UNIT II
The Indian Partnership Act, 1932
Definition of Partnership and its essentials, Rights and Duties of Partners: Types of Partners, Minor as a partner,
Doctrine of Implied Authority, Registration of Firms, Dissolution of firms. Limited Liability Partnership Act,
2000 Incorporation by registration, Relationship of members, members as agents, ex- members, designated
members, Cessation of trade by Limited liability partnership, Insolvency and winding up

UNIT III
The Sale of Goods Act, 1930
Definition of a Contract of Sale, Conditions and Warranties, Passing of Property, Right of Unpaid Seller against
the Goods, Remedies for Breach. The Negotiable Instrument Act, 1881 Definition and characteristics, Kinds
of negotiable instruments, Promissory Note, Bill of Exchange and Cheques, Holder and Holder in due course,
Negotiation, Presentment, Discharge from Liability, Noting and Protest, Presumption, Crossing of Cheques,
Bouncing of Cheques.

UNIT IV
The Companies Act, 1956
Nature and Definition of a Company, Registration and Incorporation, Memorandum of Association, Articles of
Association, Prospectus, Kinds of Companies, Directors: Their powers and duties, Meetings, Winding up.
The Consumer Protection Act, 1986 Aims and Objects of the Act, Redressal Machinery under the Act,
Procedure for complaints under the Act, Remedies, Appeals, Enforcement of orders and Penalties.

UNIT V
The Information Technology Act, 2000
Definition, Digital Signature, Electronic Governance, Attribution, Acknowledgment and Dispatch of Electronic
Records, Sense Electronic Records and Sense Digital Signatures, Regulation of Certifying Authorities, Digital
Signature Certificates, Duties of Subscribers, Penalties and Offences.
The Right to Information Act, 2005
Right to know, Salient features of the Act, obligation of public Authority, Designation of Public Information
officer, Request for obtaining information, Duties of a PIO, Exemption from disclosure of information, Partial
disclosure of information, In formation commissions, powers of Information Commissions, Appellate
Authorities, Penalties, Jurisdiction of courts.

Suggested Readings
1. Kuchhal M.C. - Business Law (Vikas Publication, 4 th Edition)
2. Gulshan S.S. - Business Law Including Company Law (Excel Books)
3. Avtar Singh - Principles of Mercantile Law (Eastern Book Company, 7th Edition).
4. N.D Kapoor & Rajni Abbi-General Laws & Procedures (Sultan Chand & Sons)
5. Durga Das Basu- Constitution of India (Prentice Hall of India)